In a large pot, heat olive oil over medium heat. Add onion and garlic, cook until softened.
Add ground beef, breaking it up as it cooks, until browned and no longer pink.
Stir in beef broth, milk, and tomato sauce. Mix well.
Add macaroni, paprika, mustard powder, salt, and pepper. Stir and bring to a simmer.
Cover and cook, stirring occasionally, until pasta is tender, about 12 minutes.
Remove from heat and stir in shredded cheddar cheese until melted and creamy.
Serve warm, straight from the pot.